Well this is a timely trial…
The Prestige was a single-hulled Liberian-owned oil tanker, operating under a Bahamian flag, which sank off the coast of Galicia, Spain on 19 November 2002 after suffering a catastrophic hull failure.
The resulting oil spill, estimated at some 20 million gallons of heavy fuel oil, wreaked havoc along coastlines of Spain, France, and Portugal. The spill was the largest environmental disaster in the history of both Spain and Portugal.
In August, the American Bureau of Shipping, the classification society that certified the vessel as seaworthy, was cleared in the case.
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The cost of hiring an oil tanker on the industry’s benchmark trade route topped $1 million a day for the first time, as the Iran war leaves too few ships willing to cross the Strait of Hormuz to collect cargoes.
Iraq is holding a tender to hire two or more oil supertankers to perform transits through the Strait of Hormuz, the latest evidence that producers in the region are trying to take greater control of their exports through the chokepoint.
By Weilun Soon Aug 22, 2026 (Bloomberg) –Shipowners including Sinokor Group are helping Saudi Arabian crude exit the Red Sea via the safer northern route, as Iran-backed militants target the kingdom’s...
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